Property consultant jailed for tax evasion

An Auckland property consultant and former chartered accountant was today jailed for 2-1/2 years for evading tax estimated to exceed $200,000.

Lawrence David Eade was sentenced today in Auckland District Court after earlier pleading guilty to 14 charges of tax evasion, and one of failing to register for GST.

The offending took place between April 2004 and March 2006 when Eade was a registered bankrupt using a company structure to hide his activities, the Inland Revenue Department said in a statement.

It said Eade failed to file 2005 and 2006 income tax returns and was estimated to have evaded tax of $177,000.

He also failed to file 12 GST returns from May 2004 until March 2006 evading paying an estimated $62,000.

Eade had made no payments towards the outstanding tax. None of the returns had been filed.

- NZPA